ArcelorMittal's High Performance Steel for NY Bridge
Steel giant ArcelorMittal (MT) announced that its plate mills in Burns Harbor, Coatesville and Conshohocken are supplying 160,000 tons of high performance steel to the unique new NY Bridge. The plate mills in the U.S. are supplying their HPS70W high performance steel to two of the projects’ major steel fabricators - High Industries and Hirschfield Industries Bridge - for bridge and girder fabrication.
ArcelorMittal is supplying the steel for the new bridge because its Eastern Plate mill is closely located to the fabrication business. Both fabrication companies share a favourable business relationship with ArcelorMittal.
ArcelorMittal supplies 100% of the plate products from its three facilities. The Conshohocken plate mill provides lighter gauge plate, wide and heavy plate are supplied by Coatesville and long quench and temper plate are provided by Burns Harbor. This is a unique combination that sets ArcelorMittal apart from any other company.
The 3.1-mile twin span cable-stayed bridge is the single biggest bridge construction project in New York’s history, and the largest transportation design-build project in the U.S. The first span of the new twin-span bridge is scheduled to open in 2016 and is expected to complete in 2018. The new bridge will be constructed to last 100 years without major structural maintenance.
The bridge is being designed and constructed by Tappan Zee Constructors, LLC (:TZC), and a group of some of the world's best-known design, engineering and construction firms, including Fluor, American Bridge, Granite and Traylor Bros, Inc.
ArcelorMittal, the world’s leading steel company, recently hosted its Investor day. The company reaffirmed its 2014 outlook of 3.5% to 4% growth in the global steel market.
ArcelorMittal highlighted its key value drivers and key enablers including a strong balance sheet, active portfolio management, a decentralized organizational structure and the best talent. The company stated that its medium-term earnings before interest, tax, depreciation and amortization (:EBITDA) will be $150 per ton.
Meanwhile, the company will streamline its management and reorganize its steel businesses by geography effective Jan 1, 2014. External reporting will follow this structure under the new segments: ACIS, Brazil (and neighboring countries), Europe, Mining and NAFTA.
ArcelorMittal is a Zacks Rank #5 (Strong Sell) stock.
Other companies in the steel and related industries with favorable Zacks Rank are NN Inc. (NNBR), Norsk Hydro ASA (NHYDY), and Century Aluminum Company (CENX). While NN Inc. retains a Zacks Rank #1 (Strong Buy), Norsk Hydro and Century Aluminum carry a Zacks Rank # 2 (Buy).
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